Industrial control for process manufacturing market predicted to reach $96.20bn

Increased demand from a wide range of industries is expected to drive the global market for industrial control for process manufacturing over the next few years.

According to Transparency Market Research, the market was worth $61.23 billion in 2014 and is expected to grow at a compound annual rate of 5.2 percent in 2015-2021, reaching $96.20 billion in 2021.

The company’s new report says that the industrial control for process manufacturing market is primarily driven by the need for uniformity in end products in process industries. Manufacturers use supervisory control and data acquisition (SCADA), distributed control system (DCS), manufacturing execution system (MES) and programmable logic controller (PLC) systems for measuring, monitoring and controlling their industrial production activities.

Transparency Market Research identified several factors that are expected to boost demand for industrial control for process manufacturing during the forecast period:Growing investment in infrastructure in the power and oil & gas sectors in emerging economies such as India, China and Brazil.The need for automation in various industries such as oil & gas, power, food & beverages and chemicals.Safety and security requirements in the power, oil & gas and chemical sectors to avoid industrial accidents.Efficient utilization of resources to reduce wastage of raw materials.The need for flexibility and easy customization of manufacturing techniques or procedures.

The report noted that stagnant growth in North America and Europe will restrain the growth of the market to some extent, but there are opportunities in re-engineering of industrial controls with advanced control systems for process manufacturing in these regions.

Increasing complexity in manufacturing processes is stimulating demand for advanced industrial control systems, the research firm said.